Mumbai man burdened with loans falls for cryptocurrency fraud, loses Rs 60 lakh

A 42-year-old man from Mumbai allegedly lost nearly Rs 60 lakh to cyber fraudsters in a cryptocurrency investment scam and the city cyber police recently launched an investigation into the matter.

The complainant, a resident of Dadar, works as a deputy manager at a private industrial company. According to his complaint, on January 19 of this year, he received an unsolicited message from a Facebook user named Dev Gadhvi. The user asked him about his investments, and he responded that he was burdened with loans. Dev Gadhvi then recommended that he invest in cryptocurrency using the ‘BYBIT’ mobile app to earn good returns potentially.